Amy Maynard
THE GUARDIAN
A MELBOURNE private investor has paid $20 million for Coles’ Swan Hill shopping centre, encompassing the supermarket in addition to the Liquorland and four speciality shops.
This month’s sale was handled by Stonebridge Property Group, also based in Melbourne.
The site’s annual rent is $1.07 million and current net operating income is $1.79 million a year, however regional supermarkets’ ability to survive COVID-19 had attracted many investors from across Australia and even Asia, Stonebridge Property Group agent Kevin Tong said.
There was reportedly strong competition for the 3452sq m town centre site, with 11 first-round offers given out of more than 170 inquiries.
The winning private buyer was offered an unconditional contract.
The shopping centre was built in 1995 and operated with a Bi-Lo supermarket until 2012.
It was previously owned by Victoria Square Enterprises.
